California-headquartered artificial intelligence startup Mad Street Den Systems Pvt. Ltd, which runs a retail automation platform under the brand Vue.ai, has raised $17 million (around Rs 119 crore at current exchange rates) in a new funding round led by New York-based hedge fund Falcon Edge Capital, several media reports stated.
Existing investors venture capital firms Sequoia Capital and Japan-based Global Brain also participated in the round, the reports added.
Vue.ai, which was launched in 2016 by Mad Street Den, counts retailers like Macy’s, Diesel, and Indian online retail platform Tata Cliq among its clients.
The startup said that it will use the capital to grow its team and deliver on the product roadmap, said a report in The Economic Times.
Mad Street Den had previously raised a round from Japanese telecom operator KDDI in 2018 which is managed by Global Brain
Vue.ai uses image recognition and data sciences to extract catalogue data and match it with user behaviour for better customer experience and conversions. It reduces costs by generating human models with AI which can be styled accordingly and does away with the need for fashion photography for online sites.
Mad Street Den was founded by the husband-wife duo of Anand Chandrasekaran and Ashwini Asokan in 2013. Asokan previously worked with Intel Corporation while Chandrasekaran was with Zort Technologies.
Similar deals in the space:
August 2018 : Virtual trial room company Try & Buy Fashions Pvt. Ltd raised $1 million in a pre-Series A funding round from incubation platform Venture Catalysts.
June 2017: Hyderabad based AI platform Fabulyst Pvt. Ltd raised $216,000 from startup launchpad iB Hub